Seeking Alpha

Rubicon -8.2% AH, to sell $28.2M in shares

  • Shares of Rubicon Technology (RBCNdrop 8.2% in AH trading after the company announces it will sell $28.2M in common shares (with a 15% overallotment) pursuant to its underwriting agreement with Canaccord Genuity.
  • The follow-on represents a dilution of 10.4% as of today's closing price.
  • Rubicon will use net proceeds to fund R&D, capacity expansion, and general corporate purposes.
  • Through today's close, shares were up 36.2% from Dec. lows and 127.4% from last Feb.'s lows.
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